Wednesday, January 30, 2008

River Forest, IL 60305 - Year End 2007

A look at the real estate market as seen by a local appraiser

River Forest is a suburban village in Cook County. According to the 2000 census the population was 11,635.

The village is bordered by Elmwood Park, on the north, Oak Park on the east, Forest Park on the south and Maywood on the west.

The village has a wide variety of home styles including those by noted Prairie School architects. There are homes designed by William Drummond, H.C. Fiddelke, Purcell & Elmslie, E.E. Roberts, Robert Spencer, Tallmadge & Watson, John Van Bergen and Frank Lloyd Wright.

Two universities make their home in River Forest, Dominican University and Concordia University.

According to data from the Northern Illinois MLS there were 83 sales of detached single family homes in 2007. The sales volume was up +3.75% from 80 sales in 2006. Sales prices saw a increase of +5.41% with the average 2007 sales price at $918,405.00,compared to $871,190.00 in 2006. Marketing times were an average of 122 days on the market, up over the 2006 average of 75 days.

As of January 19, 2008 there are 52 active listings of detached homes in the MLS. At the 2007 level of absorption this is 7.52 months of available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply. In addition these listings have already been on the market an average of 223 days.

There were 54 sales of attached homes & condominiums in 2007, down -38.63% from 88 in 2006. The average sales price was $243,132.00, this was a slight increase of 1.02% from $240,634.00 in 2006. Marketing times were an average of 156 days on the market, an increase of +60.82% over the 2006 average of 97 days.

Currently there are 56 active listings of attached homes & condominiums. At the 2007 level of absorption of 4.50 sales per month there is 12.44 months of available inventory. These listings have been on the market an average of 223 days.

Overall prices were up for 2007, however, the market is oversupplied. The current lack of Jumbo mortgages will make for an interesting year in this real estate market. If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in River Forest, Illinois 60305. Our appraisers are certified by the State of Illinois. We have experience with all types of residential property and appraise single family homes, townhouses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-405-9718

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